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Dave Kennett
Dave Kennett, Lawyer
Category: Real Estate Law
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Experience:  25 years experience
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I have an RV and a home both loans are with the same bank (wells

Resolved Question:

I have an RV and a home both loans are with the same bank (wells fargo) if I stop paying on the RV can they add the amount owned to the home mortgage?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Dave Kennett replied 2 years ago.
Dear JACUSTOMER - They can't simply add the amount to the mortgage unless there is something in the loan documents that would permit such cross collateralization of the notes. What they can do is repossess the RV and have it sold at auction and then sue you for the deficiency and then the judgment would create a lien on the property. Of course, if the property is worth less than its mortgage then the lien or judgment would have no effect on the property. I'm not certain from your facts if there is anything in the loan documents that connect the real estate and the RV so I can only answer in general. The bank is permitted to offset any checking or savings accounts to pay the loans so if you or your wife have any accounts with the bank the money in those accounts is subject to confiscation, judgment or no judgment.
Customer: replied 2 years ago.
Thank you, XXXXX XXXXX have a home improvment loan also with the same bank. The RV was purchased in 2004 well before the home and not attached by any loan docs. It is a VA loan the home is valued higher than the RV Loan we have our savings and checking with a different bank.
Expert:  Dave Kennett replied 2 years ago.
So long as your money is elsewhere and you are not a signer on an account at the bank that has the loan then they have no way of combining the loans but they will likely obtain a judgment for the balance on the RV after it is sold a auction. They can't foreclose on your home loan if the payments are current.
Customer: replied 2 years ago.
Is there any safe guard that they wouldn't sell the RV for say $1.00? and would I have to pay lawyer fees? Is there any thing I can do? should I obtain a lawyer?
Expert:  Dave Kennett replied 2 years ago.
There's no safeguard once they repossess the vehicle however they would have to auction it and give you an accounting of what the proceeds were. Spending money on an attorney probably is just throwing more money away since you can prevent the repossession unless you want to try to seek protection in bankruptcy. If you want to hire an attorney then I would suggest contacting someone who does bankruptcy work to see if you can avoid the deficiency and still keep your real estate through exemptions.
Dave Kennett, Lawyer
Category: Real Estate Law
Satisfied Customers: 27687
Experience: 25 years experience
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